Nigeria’s Economy Is Improving — Says Economic Planning Minister
The Nigerian economy is moving in the right direction , though it has not yet reached its full potential, according to Atiku Bagudu , Minister of Budget and Economic Planning.
Speaking after a meeting with President Bola Ahmed Tinubu at his Lagos residence over the weekend, Bagudu praised the administration’s bold policy decisions and outlined how they are setting the stage for long-term growth.
“We’re not where we want to be, but these steps have turned the economy in the right direction.”
Structural Reforms Begin to Pay Off
Bagudu credited President Tinubu’s government for making tough but necessary choices , including the removal of costly subsidies on fuel, foreign exchange, and electricity —a move that freed up billions for more impactful spending.
“Decades of underinvestment brought Nigeria to a point where even paying salaries was difficult.”
He noted that thanks to the reforms, subnational governments—including states and local councils—are now receiving nearly three times more funding than before.
These funds are now being used to boost:
- Infrastructure development
- Agriculture
- Consumer credit systems
- Digital innovation
- Human capital projects
“This is transformative,” he said.
Real Investments, Visible Results
The minister emphasized that the current reforms are not just theoretical—they are already showing results.
“These are not abstract promises. We are seeing real allocations going to security, education, and economic empowerment.”
He added that both domestic and international investors are beginning to take Nigeria seriously again.
“Investors see a government that’s making tough but necessary choices.”
Bagudu also stressed that one major difference between developed and developing countries is the level of investment—and Nigeria is finally starting to close that gap.
Laying the Foundation for Long-Term Growth
Bagudu likened the early stages of the reform process to laying a foundation.
“When someone starts by filling the hole under a house, you might think they’ve done nothing because you don’t yet see the walls.”
But he assured that this foundational work is essential to building a stronger economy in the long run.
President Tinubu, he said, has been transparent from the start.
“He said from the start: we’re in a hole—not to blame the past, but because critical decisions were delayed for too long.”
This honesty, Bagudu believes, sets the tone for credible and sustainable change.
Call to Action: Share Your Thoughts!
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